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Director Peter Jackson is eyeing Naomi Watts to follow in the footsteps of Fay Wray and become the obsession of the giant ape in "King Kong." Jackson has offered the lead role to Watts for Universal's Christmas 2005 film.

Since drawing attention for "Mulholland Drive," Watts has been in career overdrive, due largely to her last appearance in a remake, starring in the DreamWorks hit redo "The Ring." She has since toplined "The Assassination of Richard Nixon," "I Heart Huckabee's," "Le Divorce" and "21 Grams."

In "King Kong," Watts would play Ann Darrow, an American actress who makes a living performing in Broadway song and dance shows in Depression-era New York. Jackson has written the script with Fran Walsh and Philippa Boyens, his co-conspirators for scripts on "The Lord of the Rings" trilogy. The film will shoot in New Zealand, where Jackson has built formidable soundstages and special effects studios.